Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

The following table is representative of the significant categories, including significant expenses, regularly provided to the CODM when managing the Company’s single reporting segment.


	For the Year Ended December 31,
	2025		2024		2023

			(in thousands)
Revenue	$	2,163,417	$	1,900,192	$	1,838,081

Expenses:(1)
Personnel expenses	1,228,967		1,086,886		1,048,463
Facility expenses	204,316		180,996		173,375
Other expenses	298,271		255,454		254,909
Total segment expenses	1,731,554		1,523,336		1,476,747
Segment Adjusted EBITDA	$	431,863	$	376,856	$	361,334

Total assets	$	2,858,388	$	2,521,164	$	2,333,560
Purchases of property and equipment	$	82,335	$	64,327	$	64,958
Depreciation and amortization	$	75,817	$	67,178	$	73,051

____________________________________________

(1) Includes transition services agreement fees of $12.1 million for the year ended December 31, 2025, shared service fees from Select and transition services agreement fees of $15.2 million for the year ended December 31, 2024, and shared service fees from Select of $14.6 million for the year ended December 31, 2023. See Note 16—“Relationship with Select”, for additional information.

Schedule of reconciliation of Adjusted EBITDA to income before income taxes

The following table reconciles Segment Adjusted EBITDA to income before income taxes for the periods indicated.


	For the Year Ended December 31,
	2025		2024		2023
			(unaudited)
			(in thousands)
Segment Adjusted EBITDA	$	431,863	$	376,856	$	361,334
Interest expense	(109,290)		(47,714)		(221)
Interest expense on related party debt	—		(21,980)		(44,253)
Loss on early retirement of debt	(875)		—		—
Equity in losses of unconsolidated subsidiaries	—		(3,676)		(526)
Other expense	—		—		(2)
Stock compensation expense	(10,490)		(2,327)		(651)
Depreciation and amortization	(75,817)		(67,178)		(73,051)
Separation transaction costs(1)	(4,093)		(1,693)		—
Nova and Pivot Onsite Innovations acquisition costs	(7,471)		(895)		—
Income before income taxes	$	223,827	$	231,393	$	242,630

____________________________________________

(1) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the consolidated statements of operations.